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Nolato

Active and global subcontractor

Nolato develops and manufactures products in polymer materials such as plastic, silicone and TPE for leading customers within medical technology, pharmaceuticals, consumer electronics, telecom, automotive and other selected industrial sectors. Over the years Nolato has strengthened its strategic move from being a manufacturer of components to customer specification to being a solutions-oriented advanced partner for its customers. Sales were SEK 6.7bn in 2017 with an EBITA margin of 11.5%. Nolato has a global presence with only 18% of sales from Sweden.

Economic and business cycle fluctuations. As a subcontractor Nolato is highly dependent on customers’ decisions and commercial performance such as postponed or cancelled projects or product life spans.

Attracting new customers in growth areas as seen in VHP (Vaporiser Heating Products). As customers’ volume prospers so does Nolato’s. Owing to its wide-ranging expertise across different areas of technology, many industries and niches are potential customers. Also, value-added acquisitions are opportunities on the back of a very solid balance sheet and high cash conversion.

SEKm 2018 2019e 2020e
Sales 8102 7483 8360
Sales growth (%) 20,6 -7,6 11,7
EBITDA 1189 1094 1205
EBITDA margin (%) 14,7 14,6 14,4
EBIT adj 938 841 947
EBIT adj margin (%) 11,6 11,2 11,3
Pretax profit 921 818 923
EPS rep 27,3 24,28 27,23
EPS growth (%) 25,6 -11,1 12,2
EPS adj 27,49 24,58 27,62
DPS 14 14 14,2
EV/EBITDA (x) 8 10,5 9,4
EV/EBIT adj (x) 10,2 13,6 12
P/E (x) 13,4 18,2 16,3
P/E adj (x) 13,3 18 16
EV/sales (x) 1,2 1,5 1,4
FCF yield (%) 6,7 4,1 4,2
Dividend yield (%) 3,8 3,2 3,2
Net IB debt/EBITDA -0,1 -0,2 -0,3
SEKm 2018 2019e 2020e
Sales 8102 7483 8360
COGS -6845 -6321 -7022
Gross profit 1257 1162 1338
Other operating items -68 -69 -132
EBITDA 1189 1094 1205
Depreciation on tangibles -240 -245 -248
Depreciation on intangibles 0 0 0
EBITA 949 849 957
Goodwill impairment charges 0 0 0
Other impairment and amortisation -8 -8 -10
EBIT 941 841 947
Other financial items 0 0 0
Net financial items -20 -23 -24
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 921 818 923
Tax -199 -176 -203
Net profit 722 642 720
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 722 642 720
EPS 27,3 24,28 27,23
EPS Adj 27,49 24,58 27,62
Total extraordinary items after tax 3 0 0
Tax rate (%) -21,6 -21,5 -22
Gross margin (%) 15,5 15,5 16
EBITDA margin (%) 14,7 14,6 14,4
EBITA margin (%) 11,7 11,3 11,5
EBIT margin (%) 11,6 11,2 11,3
Pretax margin (%) 11,4 10,9 11
Net margin (%) 8,9 8,6 8,6
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 20,6 -7,6 11,7
EBITDA growth (%) 21,3 -8 10,2
EBIT growth (%) 25,6 -10,7 12,7
Net profit growth (%) 26,2 -11,1 12,2
EPS growth (%) 25,6 -11,1 12,2
Profitability 2018 2019 2020
ROE (%) 30,4 23,5 23,7
ROE Adj (%) 30,6 23,8 24
ROCE (%) 39,7 33,4 34,9
ROCE Adj(%) 39,9 33,7 35,3
ROIC (%) 29,2 23,8 24,3
ROIC Adj (%) 29,1 23,8 24,3
Adj earnings numbers 2018 2019 2020
EBITDA Adj 1186 1094 1205
EBITDA Adj margin (%) 14,6 14,6 14,4
EBITA Adj 946 849 957
EBITA Adj margin (%) 11,7 11,3 11,5
EBIT Adj 938 841 947
EBIT Adj margin (%) 11,6 11,2 11,3
Pretax profit Adj 926 826 934
Net profit Adj 727 650 731
Net profit to shareholders Adj 727 650 731
Net Adj margin (%) 9 8,7 8,7
SEKm 2018 2019e 2020e
EBITDA 1189 1094 1205
Net financial items -20 -23 -24
Paid tax -199 -176 -203
Non-cash items 0 0 0
Cash flow before change in WC 970 895 978
Change in WC 85 -201 -15
Operating cash flow 1045 875 906
CAPEX tangible fixed assets -398 -400 -410
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 647 475 497
Dividend paid 329 370 370
Share issues and buybacks 0 0 0
Other non cash items -664 -741 -741
Decrease in net IB debt 312 105 126
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 780 755 729
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 1518 1690 1868
Other fixed assets 114 114 114
Fixed assets 2412 2559 2711
Inventories 566 512 648
Receivables 1225 1619 1722
Other current assets 0 0 0
Cash and liquid assets 953 1058 1184
Total assets 5156 5748 6265
Shareholders equity 2592 2864 3214
Minority 0 0 0
Total equity 2592 2864 3214
Long-term debt 794 794 794
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 1486 1625 1849
Other current liabilities 284 465 408
Total liabilities and equity 3924 4752 5156
Net IB debt -159 -264 -390
Net IB debt excl. pension debt -159 -264 -390
Capital invested 2603 2951 3118
Working capital 305 506 521
EV breakdown 2018 2019 2020
Market cap. diluted (m) 9694 11717 11717
Net IB debt Adj -159 -264 -390
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 9535 11453 11327
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 163,5 137,3 139,2
Capital invested turnover (%) 320,9 269,5 275,5
Capital employed turnover (%) 341,5 297,4 308,3
Inventories / sales (%) 6,8 7,2 6,9
Customer advances / sales (%) 0 0 0
Payables / sales (%) 18,9 20,8 20,8
Working capital / sales (%) 4,3 5,4 6,1
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -6,1 -9,2 -12,1
Net debt / market cap (%) -1 -2,3 -3,3
Equity ratio (%) 50,3 49,8 51,3
Net IB debt adj. / equity (%) -6,1 -9,2 -12,1
Current ratio (%) 155 152,6 157,5
EBITDA / net interest (%) 5945 4854,5 5059,6
Net IB debt / EBITDA (%) -13,4 -24,1 -32,4
Interest cover (%) 4745 3766,9 4019,7
SEKm 2018 2019e 2020e
Shares outstanding adj. 26 26 26
Fully diluted shares Adj 26 26 26
EPS 27,3 24,28 27,23
Dividend per share Adj 14 14 14,2
EPS Adj 27,49 24,58 27,62
BVPS 98 108,27 121,5
BVPS Adj 68,51 79,74 93,95
Net IB debt / share -6 -10 -14,7
Share price 589,92 443 443
Market cap. (m) 15603 11717 11717
Valuation 2018 2019 2020
P/E 13,4 18,2 16,3
EV/sales 1,18 1,53 1,35
EV/EBITDA 8 10,5 9,4
EV/EBITA 10 13,5 11,8
EV/EBIT 10,1 13,6 12
Dividend yield (%) 3,8 3,2 3,2
FCF yield (%) 6,7 4,1 4,2
P/BVPS 3,74 4,09 3,65
P/BVPS Adj 5,35 5,56 4,72
P/E Adj 13,3 18 16
EV/EBITDA Adj 8 10,5 9,4
EV/EBITA Adj 10,1 13,5 11,8
EV/EBIT Adj 10,2 13,6 12
EV/cap. employed 3,9 4,4 4
Investment ratios 2018 2019 2020
Capex / sales 4,9 5,3 4,9
Capex / depreciation 165,8 163,3 165,4
Capex tangibles / tangible fixed assets 26,2 23,7 21,9
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intangibles / definite intangibles N/A N/A N/A
Depreciation on tangibles / tangibles 15,8 14,5 13,3

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Main shareholders

Nolato

Main shareholders Share capital % Voting shares % Verified
Lovisa Hamrin 3.3 % 16.1 % 28 Feb 2019
Gun Boström 3.3 % 9.0 % 28 Feb 2019
Lena Boström 2.3 % 8.5 % 28 Feb 2019
Capital Group 8.5 % 4.4 % 31 Dec 2018
Lannebo Fonder 5.3 % 2.7 % 28 Feb 2019
Carl-Olof och Jenz Hamrins Stiftelse 5.2 % 2.7 % 31 Jan 2019
Handelsbanken Fonder 3.5 % 1.8 % 31 Mar 2019
Didner & Gerge Fonder 2.7 % 1.4 % 31 Dec 2018
Vanguard 1.8 % 0.9 % 28 Feb 2019
Dimensional Fund Advisors 1.7 % 0.9 % 28 Feb 2019
Source: Holdings by Modular Finance AB

Insider list

Nolato

Name Quantity Code Date
Lovisa Hamrin + 2 500 BUY 25 Mar 2019
Lovisa Hamrin - 7 500 SELL 13 Feb 2019
Carl-Olof och Jenz Hamrins stiftelse + 5 000 BUY 30 Nov 2018
Carl-Olof och Jenz Hamrins stiftelse + 5 000 BUY 30 Nov 2018
Carl-Olof och Jenz Hamrins stiftelse + 5 000 BUY 30 Nov 2018
Carl-Olof och Jenz Hamrins stiftelse + 4 000 BUY 30 Nov 2018
Carl-Mikael Lindholm + 1 500 BUY 30 Nov 2018
Johan Apell + 9 500 BUY 16 Nov 2018
Carl-Mikael Lindholm + 1 000 BUY 15 Nov 2018
Dag Andersson Tilk + 540 BUY 15 Nov 2018

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